News By  Yuliia Rokytska
Newbie 1763 11 Aug 2022

White Rock CEO talks about the benefits of crypto winter

By  Yuliia Rokytska 1763 11 Aug 2022
Photo - White Rock CEO talks about the benefits of crypto winter

In an interview with Cointelegraph, Andy Long said he thinks the bear market is an excellent opportunity for mergers and acquisitions. And what other positive news did WhiteRock’s CEO share? Read in our material.

Which companies will prosper during the crypto winter?

According to Andy Long, CEO of WhiteRock, crypto winter can provide excellent opportunities for M&A deals (mergers and acquisitions). He said this in an interview with Cointelegraph. The expert noted that bearish dynamics in the cryptocurrency market would allow the expansion of those companies that will demonstrate that they can adapt to extreme conditions.

The crypto-mining company’s CEO believes that firms that skillfully manage their finances are in “great shape” during a prolonged decline in asset prices over the long term. He added that such players would thrive despite strong volatility.

Bear markets actually present excellent opportunities, so we expect to see M&A and consolidation activity in the mining sector involving both public and private players – to realize economies of scale and combine complementary operations. We’ll also see network growth picking up again, not to the level forecasted at the end of the year, but we’ll likely be at least 20% higher by year-end.

WhiteRock’s CEO said.

What about WhiteRock?

Long said his company’s balance sheet is in a good position, despite volatile price dynamics.

The drop in the market has caused problems for leveraged miners, but miners with sufficient capital have coped with the challenges.

he added.

The WhiteRock CEO believes that the mining industry in Texas is flourishing, even though there have been and continue to be outbreaks of heat this summer.

Key power challenges have been resolved due to the effective collaboration between the crypto-mining sector and the Electric Reliability Council of Texas (ERCOT). Miners are taking advantage of ERCOT’s services and effectively responding to demand in challenging weather conditions. This is leading to an increase in cryptocurrency mining across the state.

said Andy Long.

Positive signs

Overall, the digital currency market has performed well over the past six weeks, with the aggregate market value of crypto assets amounting to nearly $1.2 trillion.

Recall that the U.S. has taken the leadership position in cryptocurrency mining after the ban on mining in the PRC. In June 2022, Swiss crypto-mining company White Rock announced opening facilities in Texas. As part of this event, the issuer signed a cooperation agreement with Natural Gas Onsite Neutralization (NGON) to use environmentally friendly mining methods.